Kim Young-gi, President of the Financial Security Institute, "It's Time for the Financial Sector to Consider Future Security Strategies"

On the 23rd, Kim Young-gi, President of the Financial Security Institute, delivered the opening address at 'PISCON 2021' held at the Conrad Hotel in Yeouido, Seoul, under the theme 'Challenges and Future Strategies of Financial Security in the Digital Platform Era.' Photo by Song Seung-seop

[Asia Economy Reporter Song Seung-seop] "Globally, financial regulations are evolving to promote innovation. Security, one of the key regulatory areas, also requires significant consideration for future strategies."

On the 23rd, Kim Young-ki, President of the Financial Security Institute, made these remarks at 'PeaceCon 2021' held at the Conrad Hotel in Yeouido, Seoul, under the theme 'Challenges and Future Strategies of Financial Security in the Digital Platform Era.' The event was attended by Kim Byung-wook, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, Lee Se-hoon, Secretary General of the Financial Services Commission, Lee Chan-woo, Senior Deputy Governor of the Financial Supervisory Service, as well as representatives from financial companies and heads of related institutions.

In his opening remarks, President Kim stated, "Gartner (a U.S. technology company) mentioned that security and risk management have become board-level issues and will be prioritized in business decision-making," adding, "The Financial Security Institute has also expressed concern about the global digital pandemic of cyberattacks."

Regarding competition in the financial sector's platforms, he observed, "Competition has intensified as the non-face-to-face culture became normalized after COVID-19 and digital transformation accelerated," and predicted, "As data sovereignty shifts to financial consumers, the financial sector's value chain will be reorganized from a supplier-centric to a customer-centric model."

He further emphasized, "As the trend of digital transformation materializes in the form of data-driven platform competition, the security domain faces new and diverse challenges," and highlighted, "We are advancing security enhancement strategies such as next-generation financial security monitoring systems, establishing continuous monitoring systems for the dark web, and conducting DDoS attack defense drills."